Fashion Goes Mobile in Asia Pacific

Fashion Goes Mobile in Asia Pacific

  Asia Pacific accounts for 1.7 billion unique mobile subscribers, approximately half of the world’s total mobile subscribers. And this figure is expected to grow by 5.5% annually (CAGR), reaching a staggering 2.4 billion subscribers by 2020[1]. While smartphone adoption rates are not completely homogenous across the region, three market leaders in terms of smartphone adoption are Hong Kong (87%), Singapore (87%) and South Korea (80%)[2]. In fact, more than 55% of phones in Southeast Asia are smartphones[3]. In Q1 2014, smartphone sales hit the 18 million mark, a 43% jump from the same period in 2013[4]. This growth prediction is accompanied with estimates that devices will climb up from 340 million units in 2013 to 700 million units in 2017[5], while the global mobile commerce market will climb from USD $116.1 billion in 2014 to USD $467.3 billion in 2019[6]. These figures strongly indicate the region’s vast mobile commerce potential as more and more consumers gain access to online shopping via their mobile devices. Mobile Commerce – This Season’s Must-Have   This mobile commerce explosion has impacted multiple industries but one particular industry riding on the mobile shopping wave is fashion retail. With clothes shopping traditionally seen as a physical shopping experience occurring in a brick-and-mortar store, buying clothes online almost seems contradictory to the notion of “try before you buy”. But end consumers love the greater convenience that mobile shopping offers. Consumers today are digitally savvy and crave immediacy, with many spending significant amounts of time on their mobile devices. According to SPeCommerce research, one of its key fashion retail clients revealed that from January to December...